EU functionary optimistic about Ja’s chances in LAC investment agenda
Published:Wednesday | October 11, 2023 | 12:08 AMAsha Wilks/Gleaner Writer
A top European Union (EU) official believes that Jamaica has a strong chance of achieving significant successes with the EU-Latin America and the Caribbean (LAC) Global Gateway investment agenda.
The deputy secretary general for economic and global affairs for the European Union, Helena König, was speaking to The Gleaner on the sidelines of the official document exchange ceremony on Tuesday at the Ministry of Foreign Affairs and Foreign Trade, where the EU and the Jamaican Government launched Digital Jamaica, a programme that will see €9.5 million (J$1.5 billion) in budgetary support for the digital transitioning of the country.
In July, European Commission President Ursula von der Leyen announced Team Europe’s commitment of over €45 billion of high-quality investment to the region that would last until 2027.
Team Europe consists of the EU member states, including their implementing agencies and public development banks, as well as the European Investment Bank and the European Bank for Reconstruction and Development.
FINDING PROJECTS
While König could not comment on the exact amount of funding that Jamaica would receive, she noted that the Digital Jamaica initiative, which is regarded as an EU flagship programme, will aid them in identifying other areas where they may provide assistance.
“It’s about finding the right projects to actually devote funds to,” she said.
“It’s difficult to say exactly how much will come to Jamaica. It’s a lot about what Jamaica is putting on the table and is ready to work on. So, I would say that good projects have a greater chance at receiving funding,” she added.
The Global Gateway is a political commitment to work together in the LAC region through comprehensive investment offers to partner with countries to boost smart, clean and secure connections in digital, energy and transport sectors, and to strengthen health, education and research systems.
In reference to climate change, König stated that the EU has been concentrating on this urgent issue for the past year. The EU is working on the framework that it has through multilateral development banks and is looking to connect with “bigger banks” in order to increase the amount of funds available and ascertain the extent to which these banks can lend to assist countries in addressing climate change.
PROVIDING SUPPORT
König further stated that the EU was making sure that funds were available to support nations that are especially vulnerable to climate change disasters.
“Particularly [for] small island countries, you can go from one climate catastrophe, just barely working through that, and the next one happens. It doesn’t give space for the government to prepare for everything else that needs to be there,” she said.
In recent times, there have been consistent appeals from small island developing states (SIDS) for increased support from allies like the EU to help combat the existential threat posed by climate change. They lament their inability to foot the massive bill associated with rebuilding society following the devastation caused by natural disasters, some of which occur one after the other.
König did, however, express optimism over the recent appointment of Ignacio Ybáñez, a former UN ambassador to Brazil, as the new SIDS ambassador to the UN. She noted that his appointment will help to place a greater focus on SIDS issues. One of the first steps towards having better communication with the Caribbean, she reasoned, is to see how the EU might assist and work together with the region.